Latest report from the Salzburg Global Finance Forum now available to download, read and share

The “Fourth Industrial Revolution” is fundamentally changing society, economies and financial markets on a global scale. Significant and often disruptive technological developments such as artificial intelligence (AI), robotics, big data and distributed ledger technologies (DLT) have led to the digitization of assets and information, the emergence of new players, business models and ecosystems, as well as new ways of interaction between individuals and businesses. While these changes potentially increase productivity and growth, they may also trigger new risks for today’s market participants and society.

How are these technological developments impacting and challenging society and financial markets? What consequences do they imply for policy, regulation and practitioners? What measures should be taken to mitigate the potential risks associated with the impending technology-triggered transformations? These questions and more faced the policymakers, banking and securities regulators and supervisors, and cybersecurity and data experts who gathered in Salzburg for the annual meeting of the Salzburg Global Finance Forum.

The rapid and often disruptive development of technological advances – from AI and robotics to big data and distributed ledger technologies – is fundamentally changing the financial landscape by altering the interaction between customers and providers of financial services, lowering the barriers for new entrants, and enabling the emergence of new business models and ecosystems.

Banks have to adapt to the new competitive environment by becoming trusted custodians of clients’ financial data while at the same time intelligently analyzing clients’ data and behavior to anticipate needs and deliver tailor-made solution by collaborating with financial as well as non-financial partners.

Key internal challenges are the acquisition of talents to achieve the perfect combination of core banking skills with tech-savvy innovative capabilities, as well as the mitigation and management of cyber risk.

The emergence of new players and business models, as well as an increased disintermediation of the value chain of financial institutions, also create new challenges for policymakers and regulators.

Activity- and principle-based regulation appears to be the most suitable approach forward to balance consumer and investor protection on one hand and the facilitation of financial innovation on the other, and to provide a technology-neutral level playing field for incumbents and new entrants.

The opening remarks of the program’s two co-chairs – J. Christopher Giancarlo, chairman of the US Commodity Futures Trading Commission (CFTC) and José Manuel González-Páramo, member of the board of directors and chief officer for global economics, regulation and public affairs at BBVA in Madrid, Spain;

Latest report from the Salzburg Global Finance Forum now available to download, read and share

The “Fourth Industrial Revolution” is fundamentally changing society, economies and financial markets on a global scale. Significant and often disruptive technological developments such as artificial intelligence (AI), robotics, big data and distributed ledger technologies (DLT) have led to the digitization of assets and information, the emergence of new players, business models and ecosystems, as well as new ways of interaction between individuals and businesses. While these changes potentially increase productivity and growth, they may also trigger new risks for today’s market participants and society.

How are these technological developments impacting and challenging society and financial markets? What consequences do they imply for policy, regulation and practitioners? What measures should be taken to mitigate the potential risks associated with the impending technology-triggered transformations? These questions and more faced the policymakers, banking and securities regulators and supervisors, and cybersecurity and data experts who gathered in Salzburg for the annual meeting of the Salzburg Global Finance Forum.

The rapid and often disruptive development of technological advances – from AI and robotics to big data and distributed ledger technologies – is fundamentally changing the financial landscape by altering the interaction between customers and providers of financial services, lowering the barriers for new entrants, and enabling the emergence of new business models and ecosystems.

Banks have to adapt to the new competitive environment by becoming trusted custodians of clients’ financial data while at the same time intelligently analyzing clients’ data and behavior to anticipate needs and deliver tailor-made solution by collaborating with financial as well as non-financial partners.

Key internal challenges are the acquisition of talents to achieve the perfect combination of core banking skills with tech-savvy innovative capabilities, as well as the mitigation and management of cyber risk.

The emergence of new players and business models, as well as an increased disintermediation of the value chain of financial institutions, also create new challenges for policymakers and regulators.

Activity- and principle-based regulation appears to be the most suitable approach forward to balance consumer and investor protection on one hand and the facilitation of financial innovation on the other, and to provide a technology-neutral level playing field for incumbents and new entrants.

The opening remarks of the program’s two co-chairs – J. Christopher Giancarlo, chairman of the US Commodity Futures Trading Commission (CFTC) and José Manuel González-Páramo, member of the board of directors and chief officer for global economics, regulation and public affairs at BBVA in Madrid, Spain;